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Washington, D.C. — U.S. Senator Marco Rubio (R-FL) introduced the TSP Fiduciary Security Act to update the fiduciary duty of the Federal Retirement Thrift Investment Board (FRTIB), which is tasked with managing the retirement savings of federal civil servants through the nearly $800 billion Thrift Savings Plan (TSP), to include national security considerations. Specifically, the legislation would modify the FRTIB to include a duty not to harm national security. Investment of the TSP in Chinese military companies, as well as companies on the U.S. Department of Commerce Entity List, as well as proxy votes by the contractual managers of the TSP that would cause companies the TSP is invested in to harm national security assets, would presumptively violate fiduciary duty per this legislation.
“It was incredibly shortsighted and dangerous for the Federal Retirement Thrift Investment Board to attempt to invest American civil servants’ retirement savings in companies that are tools of the Chinese Communist Party,” Rubio said. “But it was also revealing of a serious problem: the Board and their friends on Wall Street will get away with using American servicemembers’ own savings to fund threats to U.S. national security if the fiduciary duties binding these money managers only focus on short-term financial value. My legislation would update the Board’s fiduciary duty to more accurately reflect the interests of the TSP’s beneficiaries, rather than the financial interests of Wall Street.
The TSP Fiduciary Security Act would:
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